Greek firms plan to invest €70 million in Egypt – minister

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A number of Greek firms expressed interest to invest €70 million ($78.7 million) in Egypt’s agriculture and textile sectors within the coming period, Egyptian Trade Minister Amr Nassar said on Wednesday.

The companies are Greek aluminum producer Alumil Aluminum Industry, vehicle manufacturer Namco National Motor, hotel furniture supplier Titex Home Furnishings, and agriculture investment firm Gaia Epicheirein, according to a ministry statement.

Nassar made these remarks during meetings with the representatives of major Greek firms to discuss investment opportunities and facilities as part of Egypt’s new investment law, in the presence of Commercial Counselor of Egyptian Commercial Office in Athens Manal Abdeltawab.

Nassar met with George Milonas, founder and chairman of Greece’s Alumil Aluminum to discuss the firm’s current investment in Egypt and its plans to execute the third phase of its factory for aluminum production in Sixth of October City.

The factory is exporting aluminum products to Ethiopia and Kenya as well as some countries in West Africa markets, the Egyptian minister said.

Alumil seeks to expand its Egyptian factory production to export to India within the next period, he added.

“Alumil exports 80 percent of its production abroad, while the remaining 20 percent are for local market needs,” Milonas said. The firm’s exports represent 40 percent of its total capita, he referred.

Also, Nassar held talks with head of international relations at Namco National Motor to discuss the possibility of manufacturing electric cars in the Egyptian market.

The Egyptian minister met with Titex Home representatives to discuss the company’s plans in the country.

“Titex is looking to establish a textile factory in Sadat City over 40,000 square metres to export its products to Greece and EU countries, at a cost worth €40 million,” Nassar said.

Also, Nassar and chief executive of Gaia Epicheirein John Mavroudis discussed plans to set up measurement stations to serve agriculture sector.

“Gaia’s investments in Egypt are expected to register €30 million,” Nassar said.

As for Greece’s investments in Egypt, they reached $227.6 million in the sectors of financing, industry, services, construction, tourism, agriculture, communication, and information technology, the minister said.

Egypt’s new investment law focuses on the diversification of incentives and guarantees for investors. The Egyptian government first approved an investment law in March 2015 and later amended it in December.

The law aims to bolster investor confidence, eliminate bureaucracy, and ease the procedures to obtain licences for projects and attract foreign investments.